Coveris Holdings, its direct parent company and its consolidated subsidiaries, the Coveris Group, a portfolio company of funds advised by Sun Capital Partners, received the necessary consents to certain proposed amendments to Coveris’ existing senior secured term loan facility, which will permit the incurrence of an incremental term loan facility in the aggregate amount of approximately $350.0 million.

The incremental term loan will upsize the term loan, which currently comprises a $342.2 million senior secured tranche and a €244.7 million ($273.6 million) tranche.

Goldman Sachs Bank USA, Credit Suisse International and J.P. Morgan Limited are the joint lead arrangers for the proposed amendments and the incremental term loan.

The existing term loan and the incremental term loan will have the same terms, including interest rate and maturity date. The incremental term loan will increase the U.S. dollar-denominated tranche of the term loan by $172.5 million, which is priced at LIBOR+3.50% (with a LIBOR floor of 1.00%), and will increase the Euro-denominated tranche of the term loan by €160.0 million ($178.9 million), which is priced at EURIBOR+3.50% (subject to a EURIBOR floor of 1.00%).

In addition to permitting the incurrence of the incremental term loan, the proposed amendments to the term loan include amending the negative covenants in the term loan to provide the Coveris Group with additional capacity for additional indebtedness, restricted payments, dispositions, investments and acquisitions.

The Coveris Group intends to use the proceeds from the incremental term loan to redeem all of Coveris Holdings’ outstanding 10.00% senior notes due 2018, to repay a portion of the amounts outstanding under the North American and UK asset-backed revolving credit facilities to which certain members of the Coveris Group are party and to pay any fees, premiums and expenses related to the redemption and the repayment.